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    Estate of Badii ex rel. Badii v. Metropolitan Hospice, Inc., C.A. No. 6192-VCP (Del. Ch. Mar. 12, 2012) (Parsons, V.C.)
    2012-03-12

    In this memorandum opinion, the Court of Chancery appointed a receiver for an insolvent corporation deadlocked over how to discharge a tax lien.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, Potter Anderson & Corroon LLP, Shareholder, Interest, Tax lien
    Location:
    USA
    Firm:
    Potter Anderson & Corroon LLP
    Delaware Supreme Court holds creditors of insolvent LLCs do not have derivative standing
    2012-03-15

    CML V, LLC v. Bax, et al., 2011 Del. LEXIS 480 (Del. Sept. 2, 2011)

    CASE SNAPSHOT

    Affirming the decision of the Court of Chancery for the State of Delaware, the Delaware Supreme Court held that, unlike corporate creditors, creditors of a Delaware Limited Liability Company do not have standing to sue the LLC’s officers derivatively on behalf of an insolvent LLC.  

    FACTUAL BACKGROUND

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Limited liability company, Standing (law), Balance sheet, Internal control, Derivative suit, Court of Chancery, Delaware Supreme Court, Court of equity
    Authors:
    Kathleen A. Murphy
    Location:
    USA
    Firm:
    Reed Smith LLP
    Court finds indirect upstream owner exercised de facto control, warrants liability for WARN Act notice violation
    2012-03-15

    D’Amico, et al. v. Tweeter Opco, LLC and Schultze Asset Management, LLC (In re Tweeter Opco, LLC), 453 B.R. 534 (Bankr. D. Del. 2011)

    CASE SNAPSHOT

    Filed under:
    USA, Delaware, Employment & Labor, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Worker Adjustment and Retraining Notification Act 1988 (USA)
    Authors:
    Jared S. Roach
    Location:
    USA
    Firm:
    Reed Smith LLP
    Consistency - a hallmark of the Delaware Bankruptcy Court
    2012-03-15

    In a 17 page decision entered March 9, 2012, Judge Carey of the Delaware Bankruptcy Court granted a motion for relief from the Bankruptcy Code’s automatic stay to allow an undersecured creditor to exercise its remedies against a debtor’s collateral.  A copy of Judge Carey's opinion is available here (the "Opinion").  The Opinion was issued in a case nearly identical to that discussed in this post:

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, United States bankruptcy court
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Dirt-for-debt, or just dirt: Judge Carey's latest decision in All Land Investments, LLC
    2012-03-15

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Debtor, Collateral (finance), Debt, Default (finance), Secured creditor, United States bankruptcy court
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Court rejects noteholder’s attempt to circumvent indenture no-action clause
    2012-03-01

    In a recent case, RBC Capital Markets, LLC v. Education Loan Trust IV et al., 2011 WL 6152282 (Del. Ch. Dec. 6, 2011), a holder of notes issued under an indenture claimed that the issuer caused the trust to pay excess and unauthorized fees that allegedly reduced the amount of interest payments to the noteholder.

    Filed under:
    USA, Delaware, Capital Markets, Insolvency & Restructuring, Litigation, ArentFox Schiff, Interest
    Authors:
    Andrew I. Silfen , Leah M. Eisenberg
    Location:
    USA
    Firm:
    ArentFox Schiff
    Decision in Washington Mutual, Inc. holds that litigation tracking warrants are equity instruments
    2012-02-23

    Summary

    In a 32 page decision signed January 3, 2012, Judge Walrath of the Delaware Bankruptcy Court ruled that holders of litigation tracking warrants that would be paid out in stock of the debtor were equity instruments, and would be paid out at the same priority as common equity under the bankruptcy plan. Judge Walrath’s opinion is available here (the “Opinion”).

    Background

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Debtor, United States bankruptcy court
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in AE Liquidation, Inc allows preference complaint to be amended after the expiration of the statute of limitations
    2012-02-23

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Statute of limitations, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Unsecured creditor agent in Orleans Homebuilders files preference actions
    2012-02-27

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Unsecured creditor
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    LSP Energy files petitions for bankruptcy in Delaware
    2012-02-15

    Introduction

    On February 10th, electricity operator LSP Energy LP ("LSP") filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in court filings, LSP owns and operates an electricity plant located in Batesville, Mississippi.  Aside from its gas-fired electric generation facility, LSP's assets consist primarily of 58 acres of land in which it operates its facility.  See Declaration of LSP's President in Support of First Day Motions (the "Declaration" or "Decl.").

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Electricity generation, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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